GST on Transfer of Business

No need to transfer...
Only proceeds Sales...

If father transfer it to son then no need to pay tak on it but if not then same is considered as supply & your client has to pay tax on it.

Means Father is liable to Pay GST on Stock

transfer your ITC by filling ITC -02. .. IN Proprietor case you have to cancle your gstn and take new reg. ..

New GST number is applied by Son but question is about GST Liability on Stock in hand of Father who transfer business to son.

1. In case of transfer

As per schedule II

4. Transfer of business assets
[a] where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, whether or not for a consideration, such transfer or disposal is a supply of goods by the person;

ITs SUPPLY GST WILL ATTRACT



2ndly

if there is any balance in electronic credit ledger can tranfer by filing ITC02

As per section 18(3) cgst act
3] Where there is a change in the constitution of a registered person on account of sale, merger, demerger, amalgamation, lease or transfer of the business with the specific provisions for transfer of liabilities, the said registered person shall be allowed to transfer the input tax credit which remains unutilised in his electronic credit ledger to such sold, merged, demerged, amalgamated, leased or transferred business in such manner as may be prescribed.

It's in GST...
Transactions based on GSTIN not Based On Relatives....


Well reply Mr Pankaj Rawat...
I appreciate You... 🙏🙏🙏🙏🙏

Sorry for above reply
as when the constitution is change or business is transfer then it did not ask for any tax on such transfer, t
(today only I have tried this practically)

Steps to follow

Sir
At the the time of cancellation of firm (father) there it ask for reason for cancellation (under cancellation tab) select the option change in of constitution as soon as u select this option , below it ask u for the Gstn of transfere (son firm) input ur GSTN of Son's firm.
Enter the date from which registration is to be cancelled. next it will not ask for any stock detail to be transferred because only the constitution (PAN) is changed.
lastly OTP will send & submit
(fill all the 3 tabs for sucessful completion)
Enjoy sir without payment of any GST

Actually when there is discontinue of business then it ask for stock details & tax liability therin .

Note : Paper work , Plz prepare a transfer deed

u are always welcome raja sir

Thank you all

Father has transferred business to his son and son has taken New GST NUMBER

Dear sir As per question Answer not clear

Pankaj sir is this same thing apply in case of death of proprietor and proprietor is mother and her son has a will in his name

Whether input will automatically will reflect in Sons gst log in or we need to take itc while filing?